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    Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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    Crypto Crash Today: Bitcoin ETFs See $536 Million Outflow as Market Turns Bearish 

    Story Highlights
    • Bitcoin ETFs saw $536.44 million in outflows, while Ethereum ETFs recorded $56.88 million

    • Bitcoin price dropped to $109,009.66, marking a 10% decline from last week

    • Crypto market show bearish sentiment

    On October 16, US spot Bitcoin ETFs withdrew $536.44 million, marking their second consecutive day of outflows, with none of the twelve ETFs experiencing a net inflow. According to SoSoValue, Ethereum ETFs saw $56.88 million in outflows. 

    Bitcoin ETF Breakdown 

    Bitcoin ETFs recorded a total net outflow of $536.44 million, with Ark &21Shares ARKB leading at $275.15 million. Fidelity FBTC followed with $132.00 million, as Grayscale GBTC and BlackRock IBIT posted withdrawals of $44.97 million and $29.46 million, respectively. 

    Additional sell-offs were recorded by Bitwise BITB of $20.58 million, Grayscale BTC $22.52 million, and VanEck HODL of $6.12 million. Valkyrie BRRR made the smallest transfer of the session with $5.65 million. 

    Overall, the total trading value surged to $8.08 billion, marking the highest of the week. Net assets came in at $146.44 million, representing 6.81% of Bitcoin market capitalization. 

    Ethereum ETF Breakdown 

    Ethereum ETFs saw a total net outflow of $56.88 million. Grayscale ETHE led the withdrawals with $69.03 million, and Bitwise ETHW followed with $15.83 million. Other notable funds, including Fidelity FETH and Grayscale ETH, also posted sell-offs of $11.60 million and $4.37 million, respectively. 

    Franklin EZET posted the smallest outflow with $2.94 million, while BlackRock ETHA became the only ETF to post an inflow for the day with $46.90 million. The total trading value reached $2.90 billion, slightly higher than yesterday. Net assets came in at $26.51 billion, marking 5.70%  of Ethereum’s market cap. 

    Market Context 

    Bitcoin price dropped to $109,009.66, marking a 10% decline from last week. Its market cap also slipped to $2.17 trillion, while the 24-hour trading volume surged to 87.34 billion. 

    Meanwhile, Ethereum hit its lowest of October at $3,921.81 on Friday, showing a 2.1% drop in 24 hours. Its 24-hour trading volume reached $48.27 billion, with its market cap of $472.81 billion, signalling a weak market. Both assets continue to show a bearish trend after the U.S.-China trade war tensions. 

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